NEWPORT BEACH, Calif., Nov. 29 /PRNewswire/ -- Today Pacific Gulf
Properties (NYSE: PAG) announced the acquisition of Broadwood Business Centre,
a 156,197 square foot business park located in Mesa, Arizona for $7,950,000.
Broadwood Business Centre is currently 95 percent leased, and increases
Pacific Gulf Properties' presence in the Greater Phoenix metropolitan area to
a total of over 500,000 square feet. The business park has a variety of suite
sizes designed for small business and industrial tenants, as well as eight
free-standing industrial buildings located at the rear of the facility.
Broadwood Business Centre, located on Broadway Road, is adjacent to the newly
completed Price 101 Freeway, which provides improved access to Scottsdale, the
Phoenix International Airport and other area communities. The acquisition
completes the Company's reinvestment of proceeds from its sale of an Ontario,
California warehouse facility in October 1999, which was not part of the
Company's core industrial facilities.
Commenting on the acquisition, Pacific Gulf Properties' Chairman and Chief
Executive Officer Glenn L. Carpenter said: "With the Company's acquisition of
Broadwood Business Centre we continue our strategy of purchasing industrial
facilities designed for small to mid-sized industrial office park tenants.
Broadwood Business Centre offers excellent freeway access, which should
enhance the long-term value of the property. As well, the acquisition of this
facility was priced below replacement cost. Going forward, we plan to
continue our program of strategic acquisitions in the Phoenix suburban markets
that fit within our Company's core portfolio of industrial facilities."
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) that
owns, develops and manages a growing portfolio of industrial properties
targeting small to mid-size tenants in selected high-growth western markets.
The Company's industrial portfolio is comprised of 73 properties encompassing
more than 15.5 million square feet of space. Pacific Gulf also maintains a
smaller multifamily portfolio that includes eight rental communities
comprising almost 1,500 units, designed for the burgeoning population of
active seniors age 55 and older. The Company is headquartered in Newport
Beach, California.
Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934. Such statements relating to, among other things,
events, conditions, prospects and financial trends that may affect the
company's future plans of operations, business strategy, growth of operations
and financial position are not guarantees of future performance and are
necessarily subject to risks and uncertainties, some of which are significant
in scope and nature, including without limitation, increased competition,
adverse economic trends, increasing interest rates and other factors. Please
refer to documents the company files from time to time with the Securities and
Exchange Commission, specifically the company's last filed Form 10-K, filed in
March of 1999 and Form 10-Q, filed in November of 1999. These documents
contain and identify important factors that could cause the actual results to
differ materially from those contained in any projections or forward-looking
statements contained in this press release.
SOURCE Pacific Gulf Properties Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer of
Pacific Gulf Properties Inc., 949-223-5000; or General
Information: Victoria J. Baker of Victoria Baker Consulting,
703-370-8652, for Pacific Gulf Properties Inc.
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